山东路斯宠物食品股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 单位：元 证券代码：920419 证券简称：路斯股份 公告编号：2026-001 （二）业绩变动的主要原因 报告期内，公司归属于上市公司股东的净利润同比下降 21.02%，扣非后归 属于上市公司股东的净利润同比下降 22.04%，主要原因系：一是公司柬埔寨子 公司经营亏损；二是肉干、肉粉及罐头产品毛利率下降；三是汇兑收益同比减少。 报告期内，公司营业收入同比增长 10.73%，境内外收入均保持稳步增长， 境外增速快于境内增速。境外收入增长，主要系来自俄罗斯、美国市场的订单明 显增长，肉干产品、罐头产品贡献较大增量；内销增长主要系主粮产品增长，但 肉干产品收入有所下滑拖累增速。 | 项目 | ...

证券研究报告 | 2026年02月24日 悦己消费产业链研究专题 优于大市 从刚需渗透到情感叙事，宠物消费下半场如何展开 情感叙事推动消费理念进阶，国内宠物消费升级进行时。目前国内年轻高知 养宠群体规模快速扩大，养宠理念正逐步从满足基础生存的"养活"进阶为 追求健康与情感共鸣的"养好"，未来其一方面将推动宠物食品等实物消费 升级，另一方面也将加速宠物医疗等服务消费潜力释放，进而驱动国内宠物 产业步入新发展阶段。 食品：情感叙事重构人货场，国牌升级与新渠道协同发力，强者愈强。在情 感化、拟人化驱动的新消费叙事下，信任建立与专业背书是品牌赢得消费者 心智、保持品牌势能的关键落脚点。同时电商渠道已经进入存量竞争、价值 营销时代，品牌商全域运营能力将成为决胜关键。因此我们认为无限货架虽 给国内市场终局带来未知数，但市场终将属于具备供应链自控能力、持续投 入研发并善于传递品牌价值的长期主义者。国内宠食行业或在后半场加速走 向"良币驱逐劣币"阶段，优质品牌商有望穿越周期成为胜者。 医疗：猫狗老龄化激发消费潜力，连锁化有望铸就龙头。1）医院端：国内 宠物医疗市场尚年轻，覆盖率、单店流水明显低于海外成熟市场水平。未来 在科学 ...

Consumption Trends - The emotional economy market in China is expected to exceed 20 trillion yuan in 2024, with a projected CAGR of 14% from 2025 to 2029[3][60]. - The beauty consumption market is projected to reach nearly 370 billion yuan by 2025, with the retail sales of cosmetics in China estimated at 465.3 billion yuan in 2025, reflecting a year-on-year growth of 5.1%[5][51]. - The health food market is anticipated to reach 720.3 billion yuan by 2029, driven by increasing health awareness and aging population[5]. Policy and Market Dynamics - The Chinese government has prioritized boosting consumption as a key task for 2025, with policies supporting consumption upgrades and equipment renewal[5][9]. - Changing consumer behavior emphasizes emotional value, health, and personalized consumption, indicating a shift towards emotional and social fulfillment in purchasing decisions[5][9]. Key Industry Insights - The maternal and infant food market is projected to reach approximately 55.91 billion yuan in 2024, with the number of maternal and infant chain stores increasing from 21,000 in 2019 to 32,000 in 2024[5]. - The pet economy is expected to grow significantly, with the market size reaching 701.3 billion yuan in 2024, reflecting an 18% year-on-year increase[58]. Investment Opportunities - Companies in the North Exchange related to beauty consumption include Jinbo Biological, Bawei Co., and Vicky Technology, which are positioned to benefit from the ongoing growth in the beauty sector[5][52]. - The health food sector includes leading brands like Kangbiter and Yizhi Konjac, which are well-placed to capitalize on the rising demand for health-oriented products[5].

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a forecasted increase of over 10% relative to the benchmark index in the next 6 to 12 months [27]. Core Insights - The overall market performance of the Beijing Stock Exchange (BSE) shows a decline, with the BSE 50 index dropping by 3.59% to close at 1531.55 points as of January 30, 2026. In comparison, the Shanghai and Shenzhen indices showed minor fluctuations [4][10]. - The average market capitalization of the 292 constituent stocks on the BSE is 3.207 billion yuan, with a total industry market value of 936.302 billion yuan and a circulating market value of 580.261 billion yuan [4][10]. - The report highlights the top-performing sectors for the week, including Oil and Petrochemicals (33.99%), Media (4.97%), Agriculture, Forestry, Animal Husbandry, and Fishery (4.69%), Transportation (2.28%), and Communications (2%) [4][17]. Summary by Sections BSE Market Overview - As of January 30, 2026, the BSE has 292 constituent stocks, with an average market capitalization of 3.207 billion yuan. The BSE 50 index experienced a decline of 3.59% during the week, while the Shanghai Composite Index and other indices showed minimal changes [4][10]. - The average daily trading volume for the BSE was 28.731 billion yuan, reflecting a 7.20% increase from the previous week, with a turnover rate of 5.88% [15]. New Stocks on BSE - One new stock, Meidele (920119.BJ), was issued during the week. Additionally, several companies are at various stages of the IPO process, including Huadian Guangda, which has been accepted for review [5][22]. Key News from BSE - The BSE released a revised guideline for sustainable development reporting on January 30, 2026, aimed at enhancing the quality of information disclosure among listed companies. This includes new application guidelines focusing on pollutant emissions, energy use, and water resource utilization [6][24]. - The first IPO of the year was accepted for Beijing Huadian Guangda Environmental Co., which specializes in new catalytic materials for air pollution control, aiming to raise approximately 260 million yuan [6][24]. Investment Strategy - The report suggests focusing on sectors expected to perform well in 2026, including Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology. Specific companies highlighted include KLT, Suzhou Axis, and Hualing Co. [25].

Investment Rating - The industry investment rating is maintained at "Overweight" [1][27]. Core Insights - The report highlights that the overall performance of the Beijing Stock Exchange (BSE) is expected to show significant results in 2026, with a focus on high-quality development and investment opportunities in various sectors [6][25]. Summary by Sections BSE Market Overview - As of January 30, 2026, the BSE has 292 constituent stocks with an average market capitalization of 3.207 billion [4][10]. - The BSE 50 Index experienced a decline of 3.59%, closing at 1531.55 points, while the Shanghai and Shenzhen indices showed minor fluctuations [4][10]. - The average daily trading volume for the week was 28.731 billion, an increase of 7.20% from the previous week, with a turnover rate of 5.88% [4][15]. Sector Performance - The top five performing sectors on the BSE for the week were: - Oil and Petrochemicals: 33.99% - Media: 4.97% - Agriculture, Forestry, Animal Husbandry, and Fishery: 4.69% - Transportation: 2.28% - Communication: 2% [4][17]. New Stocks - One new stock was issued during the week, Meidel (920119.BJ), with updates on the status of other companies in the review process [5][22]. Key News - The BSE released a revised "Guidelines for the Preparation of Sustainable Development Reports" to enhance the quality of sustainability disclosures among listed companies [6][24]. - The first IPO of the year was accepted, with Beijing Huadian Guangda Environment Co., Ltd. aiming to raise approximately 260 million by issuing up to 32.2 million shares [6][24]. Investment Strategy - The report suggests focusing on the following sectors for investment in 2026: 1. Data Centers: KLT and Shuguang Data Creation 2. Robotics: Suzhou Axis, Audiwei, JunChuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [6][25].

Core Insights - The report titled "2026-2032 China Pet Industry Panorama Survey and Market Assessment" provides essential reference for decision-makers and investors in the pet industry, based on comprehensive analysis and interviews with industry experts and executives [1][4]. Industry Overview - The pet industry in China is transitioning from "rapid growth" to "high-quality development," with a shift in the role of pets from mere companions to emotional partners [8][10]. - The market for exotic pets (reptiles and aquatic pets) is rising, with a significant increase in the population of amphibians and reptiles expected [8]. - By 2026, the number of pets in China is projected to grow by 5.5% year-on-year, while the overall market size is expected to increase by 9.5% [10]. Market Dynamics - The pet industry has entered an era of "refined pet-keeping," characterized by an expanding market size and a shift towards high-end and emotional consumption [10]. - Challenges such as standardization, talent shortages, and economic fluctuations are present, but opportunities arise from technological empowerment, globalization, and policy support [10]. Historical Context - The development of the pet industry in China began in the early 1990s and has undergone various phases, including an enlightenment phase, a nurturing phase, and is now entering a high-speed development phase starting from 2025 [13][14]. - Changes in family structures, such as the increase in empty-nest and DINK families, along with rising income levels and improved consumption structures, are driving the growing demand for pets [13]. Data Collection Methodology - The report's data accuracy is ensured through multiple channels, including annual reports from listed companies, manufacturer surveys, dealer discussions, and expert validations, utilizing a proprietary industry analysis model [4][10]. Future Trends - The report anticipates that pets will increasingly be viewed as family members and emotional companions, driving the industry towards high-quality development [10]. - The pet industry is expected to see a rise in the variety of pet species and a flourishing pet services sector, with a trend towards down-market consumption [27].

Summary of the Conference Call for Lusi Co., Ltd. Company Overview - **Company**: Lusi Co., Ltd. - **Industry**: Pet food and related products Key Financial Metrics - **Total Revenue**: Approximately 620 million CNY for the first three quarters, a year-on-year increase of 7.6% [2][3] - **Net Profit**: 46.78 million CNY, a year-on-year decrease of 21%, primarily due to the appreciation of the RMB [2][3] - **Overseas Revenue**: 380 million CNY, a year-on-year increase of 7.1% [2] - **Domestic Revenue**: 230 million CNY, a year-on-year increase of 9.2% [2] Product Performance - **Meat Jerky Products**: Slight decline in revenue [2] - **Staple Foods**: Revenue increased by 30% [2] - **Canned Products**: Revenue increased by 44% [2] - **Biscuits with Bones**: Revenue increased by 36% [2] Market Insights - **Russia**: Market growth exceeded 20% [2][5] - **USA**: Strong performance, benefiting from the operation of the Cambodian factory [5] - **Europe**: Market decline due to a challenging consumer environment and increased competition [2][5] - **Southeast Asia**: Successful expansion in staple food products, though the base is small [2][5] Future Outlook - **2026 Expectations**: - Stable consumption in the USA but with slowing growth [3][5] - Continued growth in the Russian market [3][5] - Focus on emerging markets in Southeast Asia and Latin America to offset declines in Europe [2][5] Operational Efficiency - **Cambodia Factory**: - Phase I utilization rate exceeds 50% [4][7] - Phase II expected to commence production in Q4 2026 or Q1 2027 [4][7] Supply Chain and Cost Management - **OEM Business**: Lower gross margins in Southeast Asia and the USA due to raw material costs and tariffs [6] - **Cost Optimization**: Plans to source raw materials from Brazil and Bangladesh to reduce costs and improve margins [6] Brand Strategy - **Dual Brand Strategy**: - Lusi and Miaoguan brands targeting different consumer segments [4][9] - Focus on enhancing the positioning of the Lusi brand while catering to price-sensitive consumers with Miaoguan [9] - **Future Goals**: Increase gross margin for staple foods from 20%-22% to 25% [9] Online Sales Growth - **E-commerce Growth**: Online channels grew approximately 30%-40% in the first three quarters, primarily through traditional e-commerce platforms [4][13] - **Market Share**: Tmall accounts for about 40% of online sales [13] Product Development - **New Product Focus**: Development of high-value functional products such as gastrointestinal regulation and joint health [11][12] - **High-End Brand Strategy**: Plans to enhance the Lusi brand before launching high-end products [12] M&A Considerations - **Acquisition Strategy**: Considering acquisitions of other pet food brands and partnerships within the industry [15] Competitive Landscape - **Market Dynamics**: Intense competition in the domestic pet food market with many emerging brands building their own factories [16] - **Export Focus**: Maintaining supply chain advantages while expanding into diverse international markets [16] Conclusion - **Growth Potential**: With improved operational efficiency and a strategic focus on emerging markets, Lusi Co., Ltd. is positioned for continued growth despite challenges in certain regions [17]

Core Viewpoint - Company Wens Foodstuff Group is entering the pet food market by acquiring a stake in Qingdao Shuang'an Biotechnology Co., aiming to leverage synergies and enhance sustainable development capabilities amid declining profits in its main business [1][2]. Group 1: Investment Details - Wens Investment, a wholly-owned subsidiary of Wens Foodstuff Group, plans to invest up to 147 million yuan in Qingdao Shuang'an, acquiring 14.8684 million yuan of registered capital for 44.3854 million yuan and subscribing to an additional 34.4579 million yuan of registered capital for 103 million yuan [1]. - Post-transaction, Wens Investment will hold 48.18% of Qingdao Shuang'an, becoming its largest shareholder [1]. Group 2: Market Context - The pet food market in China is experiencing significant growth, with the urban pet consumption market surpassing 312.6 billion yuan in 2025, a 4.1% increase year-on-year, and the pet food market reaching 167.9 billion yuan, growing by 5.9% [2]. - The competitive landscape includes major foreign players like Mars and Nestlé Purina, as well as domestic brands such as Zhongchong Co., Guai Bao Pet, and Peidi Co., all vying for market share [2]. Group 3: Industry Trends - Major meat companies are recognizing opportunities in the pet food sector, with several, including Shengnong Development and Deli Foods, establishing joint ventures and production projects for pet food [3]. - Experts highlight that Wens Foodstuff Group's advantage lies in its upstream resources and established supply chain, allowing for cost control and quality assurance in pet food production [3].

Core Viewpoint - The investment by Wens Foodstuff Group in Qingdao Shuang'an Bio-Tech Co., Ltd. aims to strengthen its core business while exploring strategic opportunities in the pet food sector, enhancing sustainable development and risk resilience [1][3]. Investment Details - Wens Investment plans to invest no more than 147 million yuan in Qingdao Shuang'an, acquiring approximately 22.19% of its equity and subscribing to an additional capital increase of 103 million yuan [4]. - After the transaction, Wens Investment will hold 48.18% of Qingdao Shuang'an's equity, making it the largest shareholder [4][5]. Company Background - Qingdao Shuang'an, established in 2010, operates in the pet food industry, including the development and production of pet food and health products, with brands like Black Nose and Cat Doctor [5]. - The company is projected to achieve revenues of 407 million yuan and a net profit of 12.16 million yuan by 2025, with total assets of 506 million yuan and net assets of 144 million yuan [6]. Market Context - The pet consumption market in China is expected to grow significantly, reaching 405 billion yuan by 2028, with pet food accounting for 53.7% of the market share [7]. - The competitive landscape includes major players like Guai Bao Pet and Zhong Chong Co., with significant revenue figures, highlighting the challenges faced by Qingdao Shuang'an [9]. Strategic Implications - The investment is seen as a strategic move for Wens Foodstuff Group to diversify and stabilize its business amid declining profits, with a projected net profit drop of 40.73%-46.12% in 2025 [9][10]. - By acquiring Qingdao Shuang'an, Wens aims to leverage synergies in cost reduction, product upgrades, and channel sharing, potentially enhancing future profit growth [10].

温氏股份加入宠物食品混战。近日，温氏股份发布公告，公司全资子公司广东温氏投资有限公司（以下简称"温氏投资"）拟受让青岛双安生物科技有限公司 （以下简称"青岛双安"）部分股权并向其进行增资，进而切入宠物食品这一细分赛道。 公告显示，此次交易，温氏投资拟投资不超过1.47亿元。其中，温氏投资拟受让温润农科壹号（珠海）创业投资基金合伙企业（有限合伙）等4名交易对手 持有的青岛双安合计1486.84万元的注册资本，交易对价为4438.54万元。同时，温氏投资拟以1.03亿元认购青岛双安新增注册资本3445.79万元。交易完成 后，温氏投资将持有青岛双安48.18%的股权，成为其第一大股东。 公开信息显示，青岛双安是一家从事宠物食品业务的公司，成立于2010年，业务涉及宠物食品、宠物保健品研发生产及供应链服务和销售渠道运营等，打造 了黑鼻头、猫博士等自有品牌。2025年，青岛双安实现营收4.07亿元，净利润为1216.6万元。 对于此次投资，温氏股份称，旨在继续巩固现有主业优势的基础上，积极探索并布局具备协同效应及战略价值的优质细分赛道，提升公司可持续发展能力与 抗风险能力。这一选择或与其主业承压有关，业绩预告显示，由 ...